CBOT Soybeans May Retest Resistance At $14.85-1/2 – Markets IG News

SINGAPORE: CBOT Soybean November contract may retest a resistance at $14.85-1/2 per bushel, a break above that could see gains in the $15.01-1/2 to $15.17-1/2 range.

The bounce on Tuesday confirmed a wave C from $14.33-3/4 which is expected to travel in the range of $15.01-1/2 to $15.17-1/2.

Meanwhile, the rise is moderated by a set of projection levels on a larger wave (C) from $13.73.

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The $15.01-1/2 resistance level started a deep correction near $14.33-3/4.

It may be shallow when re-tested. Support is at $14.65-3/4, which is likely to decline to the $14.53-1/2 range after a break below the $14.33-3/4 to $14.53-1/2 range.

On the daily chart, the contract broke the $14.71-1/2 resistance level.

The break not only opened the way towards $15.14-3/4, but also acted as a milestone for the bulls as a bullish tracer turns valid again, which is $15.84-3/4. Suggests a target of 4.

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